If you bought your house in 2010 or 2011, your timing is pretty perfect. Prices have climbed steadily ever since. But even if you bought your house at the top of the market in 2004 or ’05, and you saw the value go down through the “foreclosure years,” you can feel pretty confident that your home is back to its top-of-market value (and in some areas, higher).
Here’s a chart that summarizes the trends of the last five years:
|ALAMO||# Homes Sold||Median DOM||Median Price||Median PPSF|
|DANVILLE||# Homes Sold||Median DOM||Median Price||Median PPSF|
I gathered all the sales from each year in Alamo, and all the detached homes in Danville. I used the median rather than the straight average, so that the average would not be skewed by the outliers.
What’s in the crystal ball for this year? Everyone seems to agree that rates will be going up, and that is certainly creating a sense of urgency for buyers. Inventory is low now, but many homeowners are getting their homes ready for the market, so expect that to change quickly.
As I look over the chart above, it reminds me of that wise old saying “location, location, location.” We should all be grateful to live in such a desirable area with wonderful schools–it’s not just a fabulous lifestyle, it’s a great investment.